GTI Premium Spreadsheet, 31 Oct 2025
The divergence within global stockmarkets is extreme. The leadership is narrow, comprising big tech, gas turbines, and a little copper mining. The rest of the market can’t keep up. The ten largest technology companies have created $20 trillion of value over five years and make up a staggering 43% of the US market.
Yet while most stocks lag behind, there are few new lows in terms of price. Only 10 large cap stock have made new 30-week lows over the past week. Equities are generally in good health, but we are expecting a rotation of historical proportions in the not-too-distant future. This may well cause the Index to fall, but the rotation into the rest of the market will be vast. The active managers will have their day.
